Res 1992 - 67 Extract of Minutes of a Meeting of the City Council of MH (10/20/1992)�. .
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RESOLUTION N0. 92-67
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EXTRACT OF MINUTES OF A M��T�i��' �F '3'�E �
CITY COiTT.ICIL OF THE CITY OF
MENDOTA HEIGFTi�, MINNESOTA ;
YiELD: October 20, 1992
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Pursuant to duF call and notice thereof, a regular meeting
of the City Council of the City of Mendota Hei.ghts, Dako�a j
County, Minnesota, was duly called and held at �3�,� Cit�r Hall!in
said City on Tuesday, the 20th day og Octobe�c, 1392, at 7:30�
o'clock .M. �
The following members we�� present: h9ertensotto, Smi th, Cummi ns
Bleeener, Koch � �
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and the following were absent: nQne �
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Member Cummi ns ' introc��tced �i�e follor►�ing
resolution and moved its adoption,:
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RESOLUTION PROVIDING FOR PU�Y�IC ��%� '
� OF $1,470,000 J
GENERAL OBLIGATION IMPROVEMENT BORJbS O�':1992
BE IT RESOLVED by the City Coun�il of the G�.�:y of Nlendo�a
Heights, Mira.nesota, as follows:
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1. Finding; Amour�t and Purposee It. bs hereby found� '
determined and declared that this City should issue $�,��O,i�aO
General Ob�.igation Improv�ment Bonds of 1992 (t�e °1B��icis'�) �o
finance the construction of various imp�ovements w�•�Yzzn �h� City
and to pro�ride funds to pay on Febi~uary 3., 1993, al.�, �t tfi�e '
General Obligation Improvemei�t Bonds of �.978, d���� Ma�� �, 1�78
which then remain outstar�ding.
2. Appointment of Financial Ad�risoro '�he �gty Coun�il
does hereby appoint The Shaughnessy Company, ix� S�. Paul, �
Minnesot�, to act as its financial advi�or t� �Y�� City gar th�
sale of the Bonds. � ;
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3. MeetinQ. This Council shall meet at the time and place
specified in the form of notice hereinafter contained for the
purpose of opening and considering sealed bids for, and awarding
the sale of, the Bonds. ;
4. Notice of BQ�d Sale. The City Clerk is hereby
authorized and directed to cause notice of the time, place and
purpose of said meeting to�be published in the official newspaper
of the City and in the Northwestern Financial Review not less
than ten (10) days in advance of date of sale, as provided by
law, which notice shall be in substantially the form set forth in
Exhibit A attached hereto.
5. Official Terms of Bond Sale. The terms and conditions
of said Bonds and the sale thereof are fully set forth in the
"Official Terms of Bond Sale" attached hereto as Exhibit B and
incorporated herein by reference. '
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6. Official Statement. The City Clerk and Treasurer and
other officers or employees of the City are hereby authorized to
participate in the preparation of an official statement for the
Bonds with The Shaughnessy Company. �
The motion for the adoption of the foregoing resolution�was
duly seconded by member Koch and, after full
discussion thereof and upon a vote being taken thereon, the
followinq voted in favor thereof:
All Yea �
and the following voted against the same: none
Whereupon said resolution was declared duly passed and �
adopted. �
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STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF MENDOTA HEIGHTS
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I, the undersigned, being the duly qualified and acting�
Clerk of the City of Mendota Heights, Minnesota, DO HEREBY
CERTIFY that I have carefully compared the attached and foregoing
extract of minutes with the original minutes of a meeting oflthe
City Council held on the date therein indicated, which are on
file and of record in my office, and the same is a full, true and
complete transcript therefrom insofar as the same relates to�the
proposed sale of $1,470,000 General Obligation Improvement Bonds
of 1992 of said City. �
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WITNESS my hand as such Clerk and the official seal of the
City this 20th day of October, 1992. ,
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EXHIBIT A
NOTICE OF BOND SALE
$1,470,000
' CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1992
Sealed bids for these bonds will be opened and considered for
award on Tuesday, December 1, 1992, at 7:30 P.M., Central Time,
by the City Council at the City Hall in Mendota Heights, �
Minnesota. The bonds will be dated December l, 1992, and j
interest will be payable.August 1, 1993 and semiannually �
thereafter. The bonds will mature on August 1 in the years and
amounts as follows: f
Year
1993
1994
1995-1997
1998
ount
$110,000
165,000
170,000
175,000
All dates are inclusive.
Year Amount
1999 $185,000
2000-2003 45,000 '
2004-2008 20,000 l
2009-2011 15,000 j
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Bidders must specify a price of not less than $1,455,000 plus
accrued interest. An approving legal opinion will be furnished
by Briggs and Morgan, Professional Association, of St. Paul and
Minneapolis, Minnesota. �
Bidders should be aware that the Official Terms of Bond Sale,to
be published in the Official Statement for the sale may contain
additional bidding terms and information relative to the Issue.
In the event of a variance between statements in this Notice�of
Bond Sale and said Official Terms of Bond Sale the provisions of
the latter shall be those to be complied with. ;
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Dated: October 20, 1992. BY ORDER OF THE CITY COUNCIL ,
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/s/ Kathleen Swanson '
City Clerk ;
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Building
P. O. Box 14�70
St. Paul, Minnesota 55101
Telephone No.: (612) 227-6691
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EXHIBIT B
OFFICIAL TERMS OF
BOND SALE
$1,470,000
GENERAL OBLIGATION IMPROVEMENT
BONDS OF 1992
CITY OF MENDOTA HEIGHTS
DAKOTA COUNTY
MINNESOTA �
NOTICE IS HEREBY GIVEN that these bonds will be offered for sale
according to the following terms:
TIME AND PLACE:
TYPE OF BONDS:
DATE OF ORIGINAL
ISSUE OF BONDS:
Sealed bids will be opened and
considered for award on Tuesday,
December 1, 1992, at 7:30 P.M.,
Central Time, by the City Council
at its meeting in the Mendota
Heights City Hall.
Fully registered general obligation
bonds, $5,000 or larger denomina-
tions at the option of�the.bidder.
December l, 1992.
PURPOSE: To finance the construction of
various improvements within the
City and to provide funds to pay on
February 1, 1993, all of the City's
General Obligation Improvement
Bonds of 1978, dated May 1, 1978
which then remain outstanding.
INTEREST PAYMENTS:
MATURITIES:
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August 1, 1993, and semiannually
thereafter on February 1 and
August l.
August 1 in each of the years and
amounts as follows:
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1993 $110,000
1994 . 165,000
1995-1997 170,000
1998 175,000
1999 185,000
2000-2003 45,000
2004-2008 20,000
2009-2011 15,000
All dates are inclusive.
REDEMPTION: At the option of the Issuer, bonds
maturing on or after August 1, 2002
shall be subject to prior payment, on
August 1,-2001 and any interest payment
date thereafter, at a price of par and
accrued interest. Redemption may be in
whole or in part of the bonds subject to
prepayment. If redemption is in part,
the bonds remaining unpaid which have
the latest maturity date shall be
prepaid first and if only part of the
� bonds having a common maturity date are
� called for prepayment the specific bonds
to be prepaid shall be chosen by lot by
the Registrar.
BOND REGISTRAR: The successful bidder will name the
Registrar and paying agent which shall
be subject to applicable SEC regulations
and to the approval of the Issuer.
Principal will be payable at the main
corporate office of the Registrar and
interest will be payable by check or
draft of the Registrar mailed to the
registered holder of the bond at his
address as it appears on the books of
the Registrar. The Issuer will pay
reasonable and customary charges for the
services of the Registrar. �
CUSIP NUMBERS: If the bonds qualify for assignment of
CUSIP numbers such numbers will be
printed on the bonds, but neither the
failure to print such numbers on any
bond nor any error with respect thereto
shall constitute cause for a failure or
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refusal by the Purchaser thereof to
accept delivery of and pay for the bonds
in accordance with terms of the purchase
contract. The CUSIP Service Bureau
charge for the assignment of CUSIP
identification numbers shall be paid by
the Purchaser. �
DELIVERY: Forty days after award subject to
approving legal opinion of Briggs and
Morgan, Professional Association, of St.
Paul and Minneapolis., Minnesota. Bond
printing and legal opinion will be paid
by the Issuer and delivery will be
anywhere in the continental United
States without cost to the Purchaser.
Legal opinion will be printed on the
bonds at the request of the successful
bidder.
TYPE OF BID: Sealed bids of not less than $1,455,000
and accrued interest on the principal
� sum of $1,470,000 from date of original
issue of the bonds to date of delivery
must be filed with the undersigned prior
, to the time of sale. Bids must be
unconditional except as to legality. A
certified or cashier's check in the
amount of $28,000, payable to the order
of the Treasurer of the Issuer must
accompany each bid, to be forfeited as
liquidated damages if bidder fails to
comply with accepted bid. Bids for the
bonds should be addressed to:
Lawrence Shaughnessy ,
Treasurer
City Hall
1101 Victoria Curve
Mendota Heights, Minnesota 55118
RATES: All rates must be in integral multiples
of 1/20th or 1/8th of 1�. No limitation
is placed upon the number of rates which
may be used. All bonds of the same .
maturity must bear a single uniform rate
� from date of issue to maturity and no
rate of any maturity may be lower than
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the highest rate applicable to bonds of
any preceding maturities.
INFORMATION FROM The successful purchaser will be
PURCHASER: required to provide, in a timely manner,
certain information relating to the
initial offering price of the bonds
necessary to compute the yield on the
bonds pursuant to the provisions of the
Internal Revenue Code of 1986, as
. amended.
QUALIFIED TAX The Issuer will designate the
EXEMPT OBLIGATIONS: bonds as qualified tax exempt
obligations for purposes of Section
265(b)(3) of the Internal Revenue Code
. of 1986, as amended.
AWARD: Award will be made solely on the basis
of lowest dollar interest cost,
determined by addition of any discount
to and deduction of any premium from the
total interest on all bonds from their
date to their stated maturity.
The Issuer reserves the right to reject any and all bids, to
• waive informalities and to adjourn the sale.
Dated: October 20, 1992.
BY ORDER OF THE CITY COUNCIL
/s� Kathleen Swanson
City Clerk
Additional information
may be obtained from:
THE SHAUGHNESSY COMPANY
596 Endicott on Robert Building
P. O. Box 1470
St. Paul, Mi.nnesota 55101
Telephone No.: (612) 227-6691
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